MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
K.A.S INDUSTRIES INDIA LIMITED (PARKT IX) |
|
|
|
|
Registered
Office : |
No. 24, (Old No.36) Veerabathrar Street, Near District, Central Library,
Erode – 638003, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.11.2005 |
|
|
|
|
Com. Reg. No.: |
18-012317 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14.089 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ2005PLC012317 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Importers and Exporters of Upper Leather and
Lining Leather |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1165000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having a satisfactory track
record. Latest financial are not available. As per previous year financial
(i.e. 2012) there seems some dip in the profitability of the company. However, general financial position of the company is satisfactory.
Trade relations are reported to be fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
12.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
No. 24, (Old No.36) Veerabathrar Street, Near District, Central
Library, Erode – 638003, Tamilnadu, India |
|
Tel. No.: |
91-424-2292431 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
7, Muthu Street, Periampet, Chennai-600003, Tamilnadu, India |
|
|
|
|
Factory 1 : |
Gnanipalayam Post, Thanneerpandal, Vellode Via Perundurai-638112,
Erode District, Tamilnadu, India |
|
|
|
|
Factory 2 : |
118-C, MBT Road, I Cross, Ranipet, India |
|
|
|
|
Factory 3 : |
437/2B C Adbul Hanjeem Road, KAthiyavadi Village, Melvisharam-632509,
Vellore, India |
|
|
|
|
Factory 4 : |
736/2, 4B, 5A, Poondi Road, Vanniyachatrram, Poodi Post,
Valaja-632508, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Allaudin Shameem |
|
Designation : |
Managing Director |
|
Address : |
192, Bhavani Main Road, B P Agraharam, Erode-638005, Tamilnadu, India |
|
Date of Birth/Age : |
15.05.1956 |
|
Date of Appointment : |
25.11.2005 |
|
DIN No.: |
00148409 |
|
|
|
|
Name : |
Mrs. Abdul Jalal Shahiba Begam |
|
Designation : |
Director |
|
Address : |
192, Bhavani Main Road, B P Agraharam, Erode-638005, Tamilnadu, India |
|
Date of Birth/Age : |
07.06.1967 |
|
Date of Appointment : |
25.11.2005 |
|
DIN No.: |
00179384 |
|
|
|
|
Name : |
Mr. Mohamed Arshath |
|
Designation : |
Director |
|
Address : |
No. 228, Arumugam Street, Tirunagar Colony, Erode – 638003, Tamilnadu,
India |
|
Date of Birth/Age : |
01.07.1988 |
|
Date of Appointment : |
19.11.2012 |
|
DIN No.: |
03450952 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Allaudin Shameem |
1019050 |
|
Abdul Jalal Shahiba Begam |
327350 |
|
Sirajudden A |
100 |
|
Abdul Jalal Mohamed Asick |
100 |
|
Rashila Begum S |
100 |
|
K A Abdul Wahid |
100 |
|
Mohammed Farook A |
100 |
|
KAS Tanning Company Limited, India |
32250 |
|
S Mohamed Arshath |
29750 |
|
Total |
1408900 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importers and Exporters of Upper Leather and
Lining Leather |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Commercial Branch, 78/79, CD
Building, Park Road, Erode -638003, Tamilnadu, India ·
The Indian Overseas Bank, 56,57,58, Teppakulam Street,
Sankari Main Road, Tiruchengode, Namakkal -634211, Tamilnadu, India ·
Axis Bank, Kumar Arcade, Perundurao Road, Erode –
638011, Tamilnadu, India ·
Indian Overseas Bank, 56,57,58, Teppakulam
Street, Sankari Main Road, Tiruchengode, Namakkal – 637211, Tamilnadu, Indoa |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
Note:
Long Term
Borrowings
1.
There is no default in repayment of principal loan
or interest thereon
2.
Repayment Schedule
|
Particulars
|
2011
– 12 |
2012
– 13 |
2013
– 14 |
2014
– 15 |
2015
– 16 |
2016
– 17 |
2017
– 18 |
2018
– 19 |
|
380700005 |
4.908 |
4.908 |
4.908 |
4.908 |
2.200 |
0.000 |
0.000 |
0.000 |
|
380700006 |
24.288 |
24.288 |
24.288 |
24.288 |
12.112 |
0.000 |
0.000 |
0.000 |
|
381000002 |
6.000 |
13.236 |
19.680 |
19.680 |
19.680 |
19.680 |
19.680 |
18.164 |
|
32256271007 |
0.000 |
0.200 |
2.400 |
3.600 |
0.600 |
0.000 |
0.000 |
0.000 |
|
380500006 |
6.222 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
381000001 |
8.700 |
8.700 |
8.700 |
8.700 |
6.525 |
0.000 |
0.000 |
0.000 |
|
381000003 |
3.840 |
3.840 |
3.840 |
3.520 |
0.000 |
0.000 |
0.000 |
0.000 |
|
381000002 |
13.570 |
14.358 |
14.358 |
14.358 |
14.358 |
14.358 |
0.000 |
0.000 |
|
3807000004 |
2.780 |
2.780 |
0.231 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. Kumar Chartered Accountant |
|
Address : |
28/1, Chinnamuthu Main Road Street, Opposite V S P Theatre, Erode –
638011, Tamilnadu, India |
|
PAN No.: |
AMTPK6524E |
|
|
|
|
Related Parties : |
·
Excel Shoes ·
KAS Leathers ·
KAS Shoes Private Limited ·
KAS Tanning Company Limited ·
M B Leathers |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs.40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1408900 |
Equity Shares |
Rs. 10/- each |
Rs.14.089 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
14.089 |
13.469 |
|
(b) Reserves & Surplus |
|
277.216 |
227.836 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.003 |
|
Total
Shareholders’ Funds (1) + (2) |
|
291.305 |
241.308 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
282.098 |
277.374 |
|
(b) Deferred tax liabilities (Net) |
|
28.515 |
13.844 |
|
(c) Other long term liabilities |
|
24.177 |
63.524 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
334.790 |
354.742 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
103.906 |
126.325 |
|
(b) Trade payables |
|
11.319 |
70.358 |
|
(c) Other current liabilities |
|
73.028 |
71.275 |
|
(d) Short-term provisions |
|
7.139 |
3.943 |
|
Total Current Liabilities (4) |
|
195.392 |
271.901 |
|
|
|
|
|
|
TOTAL |
|
821.487 |
867.951 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
609.809 |
587.890 |
|
(i) Tangible assets |
|
0.000 |
0.000 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.380 |
|
(iv) Intangible
assets under development |
|
5.450 |
5.450 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
3.533 |
3.540 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
618.792 |
597.260 |
|
Total Non-Current Assets |
|
|
|
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
63.486 |
75.998 |
|
(c) Trade receivables |
|
67.751 |
135.662 |
|
(d) Cash and cash
equivalents |
|
21.877 |
21.944 |
|
(e) Short-term loans and
advances |
|
44.189 |
32.082 |
|
(f) Other current assets |
|
5.392 |
5.005 |
|
Total Current Assets |
|
202.695 |
270.691 |
|
|
|
|
|
|
TOTAL |
|
821.487 |
867.951 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.469 |
|
|
2] Share Application Money |
|
|
0.003 |
|
|
3] Reserves & Surplus |
|
|
167.623 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
181.095 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
352.020 |
|
|
2] Unsecured Loans |
|
|
21.697 |
|
|
TOTAL BORROWING |
|
|
373.717 |
|
|
DEFERRED TAX LIABILITIES |
|
|
13.844 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
568.656 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
383.832 |
|
|
Capital work-in-progress |
|
|
46.245 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
5.450 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
61.516 |
|
|
Sundry Debtors |
|
|
59.472 |
|
|
Cash & Bank Balances |
|
|
26.243 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
19.619 |
|
Total
Current Assets |
|
|
166.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
25.821 |
|
|
Other Current Liabilities |
|
|
0.188 |
|
|
Provisions |
|
|
7.764 |
|
Total
Current Liabilities |
|
|
33.773 |
|
|
Net Current Assets |
|
|
133.077 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.052 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
568.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
851.931 |
825.289 |
477.899 |
|
|
|
|
Other Income |
19.289 |
42.072 |
29.853 |
|
|
|
|
TOTAL (A) |
871.220 |
867.361 |
507.752 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
561.454 |
571.564 |
|
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
13.870 |
9.106 |
|
|
|
|
|
Employee Benefits Expenses |
111.846 |
125.410 |
|
|
|
|
|
Other Expenses |
(15.247) |
(0.671) |
|
|
|
|
|
TOTAL (B) |
671.923 |
705.409 |
381.633 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
199.297 |
161.952 |
126.119 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
65.928 |
44.746 |
32.306 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
133.369 |
117.206 |
93.813 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
77.188 |
53.257 |
39.025 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
56.181 |
63.949 |
54.788 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
18.581 |
3.736 |
17.712 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
37.600 |
60.213 |
37.076 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
63.202 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
100.278 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Finished Leather |
242.072 |
183.228 |
NA |
|
|
|
|
Shoe Upper |
16.812 |
0.000 |
NA |
|
|
|
TOTAL EARNINGS |
258.884 |
183.228 |
NA |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Chemical Purchase |
4.387 |
3.461 |
NA |
|
|
|
|
Capital Goods |
0.449 |
43.105 |
NA |
|
|
|
TOTAL IMPORTS |
4.836 |
46.566 |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
27.91 |
44.70 |
NA |
||
%20-%20248895%2028-Dec-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.32
|
6.94 |
7.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.59
|
7.75 |
11.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.88
|
7.41 |
9.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.33
|
1.67 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.00 |
4.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The Registered office of the company has been
shifted from Door No.192, Bhavani Main Road B.P.Agraharam Erode-5 Tamilnadu India to
the present address w.e.f. 01.03.2011
PERFORMANCE OF THE COMPANY
To begin with,
company’s performance has been shown some improvement. The company recorded a
Gross Income of Rs.871.220 Millions against Rs.843.538 Millions in the previous
year registering a growth of 3.28%. The operating profit before depreciation
and interest has been Rs.199.232 Millions as against Rs.161.941 Millions in the
previous year. After charging interest of Rs.65.928 Millions (Rs.44.745
Millions), depreciation and amortization expense Rs.77.181 Millions (Rs.53.250
Millions) and providing for tax Rs.11.558 Millions (Rs.12.934 Millions), the
profit after tax for the year remained at Rs.37.598 Millions compared to
Rs.60.210 Millions in the previous year.
SPINNING
The company
installed 5760 spindles additionally and thus the company’s spindlage capacity
stand increased to 43440. Spinning unit performed excellently well during the
year. During the year the company has processed 3014294 kgs of cotton and
produced 2427028 kgs of yarn. The financial performance too, improved
significantly.
LEATHER
During the year,
the company has purchased one tanning unit comprised of land and building and
machineries in Melvisharam, Ranipet at a cost of 98,29,100/- being Rs.1.811
Millions towards land, Rs.7.414 Millions towards building and Rs. 0.604 Million
towards machineries. During the year, 209888 nos of rawhides processed into wet
blue and 151651 nos of wet blue into finished leathers. During the year, the
company has exports finished leather amounting Rs.2419.56 to Italy, Honkong,
Germany, Thailand, Spain, Portugal etc.
WIND MILL
The company
already has 8 windmills aggregating capacity of 4400 KWA - 4 windmills
aggregating 2000 KWA in Chettikulam of Tirunelveli District and Palladam of
Coimbatore District and 4 wind mills of each 600 KWA aggregating 2400 KWA in
Thekasi of Tiruneveli District. During the year, the company has purchased 1 No
of Windmill in the capacity of 600 KWA at a cost of Rs.27.000 Millions and land
at a cost of Rs.0.083 Millions (including stamp paper and registration
expenses) With this the company has 9 windmills aggregating capacity of 5000 KVA.
The wind mills have generated 10.392 Millions units of power during the year.
SHOE
On 01.01.2012, the
company has entered into a lease agreement with M/s Excel Shoes, a partnership
firm manufacturing shoes, for taking lease of its shoe unit comprised of land
and building and machineries in Ranipet until the firm selling the unit to the
company. The company started production of shoes from 01.01.2012. The company
eventually purchased the land and building at cost of Rs.15.745 Millions on
23.02.2012 and continuing the lease terms for the machineries.
During the period
of 3 months the company has produced 22014 pairs shoes upper and exported 22014
pairs of shoes upper. Exports sale of shoes to UK came to Rs.168.12
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10346231 |
30/03/2013 * |
693,450,000.00 |
Indian Overseas Bank |
56,57,58,TEPPAKULAM STREET, SANKARI MAIN ROAD,
TIRUCHENGODE, NAMAKKAL, TAMILNADU - 637211, INDIA |
B73971665 |
|
2 |
10028192 |
30/03/2013 * |
123,500,000.00 |
The State Bank of India |
S B I COMMERCIAL BRANCH, 78/79 CD BUILDING
PARK ROAD, ERODE, TAMILNADU - 638003, INDIA |
B73794968 |
* Date of charge modification
FIXED ASSETS:
·
Machines
·
Vehicles
·
Electrical Machineries
·
Building
·
Land
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.